Do The Right Thing, BNM

I am writing this to the Authorities, particularly BNM and to customers and consultants of Genneva Malaysia Sdn Bhd.

The latest series of coordinated news report telling half-truths are obviously fear-mongering, intended to divide and rule Gennevarians who are steadfastly united with the company and against BNM’s charade and unjust raid. The recent publicized news from the week of 3rd – 7th December 2012 were clearly intended to cause unimaginable worries, fear and confusion amongst us, dampening our spirit and belief in the company … which in turn our belief in the truth … in the hope we turn against the company.

Well, BNM, we have seen through your devious and insidious plans in attempting to plot the downfall of Genneva Malaysia. View http://bit.ly/UsVp4a

The series of exposé to date have uncovered your officers’ hands behind events leading up to your unprecedented raid of the company. How then can anyone now trust the various statements issued by BNM? BNM being the lead agency in this circus of an investigation and feeds its ‘findings’ to the various authorities. How objective can their ‘findings’ be when one or some of their officers were plotting the company’s downfall all along? No wonder even Deputy Ministers were duped into making non-sensible statements.

Genneva Malaysia Sdn Bhd, a legally setup Gold trading company, have not contravened any laws. What BNM did was absolutely unjust and a clear demonstration of abuse of power.

BNM did it based on “suspicion”, and then justified it as an effort to protect us. How are they protecting us when our money and gold were taken away with no definite deadline for which our assets will be returned to us? Past track records have shown a consistent pattern of such raids. They will take years and at the end of it, no accountability of the seized assets. Over time, people tend to give up and forget. So BNM’s strategy works very well by intentionally delaying the outcome of such raids.

Is that what BN is trying to tell us that they care for the rakyat? Is this the protection they are telling the public? Why are there no special effort independently organized to ensure such raids are properly conducted, that the assets are properly kept and accounted for with full transparency, and a specific time-frame given to complete the investigation or court case, if it comes down to it.

Court cases are notoriously known to drag on for many years. At the end of it, how would someone summarize what the Authorities are doing and what is its impact on us? Protection is definitely a joke and a lie; it is more like a malicious effort aimed at inflicting immeasurable suffering on innocent people like us for reasons best known to those who approved the raid. Yet, nothing can be done, because it is backed by the Government!

Let’s just ponder for a while on what has been happening for the past 10-12 months prior to the raid.

Late last year, Genneva was audited by BNM until February 2012 when it returned with a clean bill of health for Genneva, and told the company to continue its operations. Genneva was told to advertise on leading national newspaper to declare in public it is not a Financial Institution but a Gold trading company. No guarantee on buy-backs was also mentioned. Genneva gladly obliged and advertised as instructed by BNM.

Then, came the Dragon and Mega promotions, when we noticed the delivery of gold was delayed and such delays were getting longer. This was felt as early as March 2012. We found out that our supply of gold has been “interrupted” when our major suppliers were told not to sell gold to Genneva. Who, with such power, can instruct and made such an impact to stop our supply line is quite clear.

Then, sometime in June-July this year, Fatwa Council released an edict to condemn us by saying that we are not fully in compliance with Syariah principles. Shortly after that Genneva was put on BNM’s alert list as though it is a scam.

Only fools cannot see that these efforts were made to topple the company intentionally.

The irony is that the same party who maliciously organised all these efforts from interrupting our supply lines, publicly declaring that we are not Syariah complaint to warning the public that we are suspected to be a scam, is again the party who now raided us and claimed that we are not able to deliver gold to our purchasers and not able to honour buy-backs. Isn’t this ridiculous! How would you expect a company to function when you deliberately conspire to interrupt its supply and sales? Yet, Genneva was able to, albeit, delays in delivery of gold and sell-back cheques were caused. But, none of its customers have complained that they were cheated.

As an analogy, can you imagine if BNM were to close a bank down for a couple of months and then looks at its assets to assess whether they can cover its liabilities. What if all the depositors were to withdraw? Is the bank able to liquidate all its assets to pay on demand all its deposits at the same time? What about moneys moved from the bank to its other operations or subsidiaries or other investments? Can they be recalled all at once to settle the deposits?

So if the bank is unable to meet the demand from its depositors, then it is in “serious violation” of our law? That is what, BNM is telling all of us about Genneva, because its assets are not able to cover its liabilities.

In truth, most of the companies, if not all, will at any one time not having its assets either in absolute amount or in right liquidity stage to cover its liabilities. Because they are an on-going concern, it will be able to, over time, as its business is allowed to operate. In the same example of the bank, it will definitely be able to meet depositor’s withdrawal if business is as usual, and it is not subjected to a conspiracy designed to topple it.

Another analogy I would like to share is a listed company. Under Security Commissions, a listed company will be classified as PN17 if it cannot service its loans over a period of time. Numerous warnings and amount of time would have been given to the company to rectify its problem. Once it is deemed that it is unable to do so, it will be accorded with a PN17 status and will still be allowed to operate its business under supervision over a period of time for it to be given a last chance to rectify its financial dilemma. The company will not be “raided”, with all its assets seized and forced to shut down its operations.

Compare this with what BNM did to Genneva? Genneva had not even cheated any of its customers nor defaulted in amounts owing to its creditors, that we know off, yet based on “suspicion” it was raided with all assets taken away and its operations ceased. At least if it is put on a similar status like PN17 for it to operate and meet its obligations with supervision from the almighty BNM, we would still be alright provided no deliberate conspiracy to topple it exist. See how ridiculous this is? How unfair?

I like to appeal to the hearts of the BNM’s officers and the Authorities, to be compassionate to end our sufferings soon. Many of us are now worried to death and some are contemplating suicides. As a human being, you too have families and can definitely feel how hopeless and helpless we are, especially those who have most if not all our life savings trapped in this investigation. Enough is said and done already. We have even seen our beloved Prime Minister and some of the BNM’s Officers.

Now is the time for BNM, or more accurately, their officer(s) behind this elaborate plot, to come clean.

Election is around the corner, so please do not give us a reason not to vote for BN. Until now, we are still confident that BN and BNM will be sensitive to our plight and help deliver us out of this unjust affair.